A) Define the term market as used in Economics

Here are the solutions to your questions:

a) Define the term market as used in Economics
In economics, a market refers to any place or system where buyers and sellers interact to exchange goods, services, or resources. This interaction determines prices and quantities traded.

b) Study table 2, which shows the demand and supply schedule of bread per week.

i) If the government sets a guarantee price of 150 FCFA per packet of bread. What name is given to such a price?
The name given to such a price is a price floor or minimum price. This is a government-imposed minimum price that can be charged for a good or service, typically set to protect producers.

*ii) Calculate the costs to the government, if she imposes a price of 300 FCFA per packet of